FOG current does not inventory software. That is something that was talked about for FOG 2.0. But it also brings into question what is the focus of FOG. Is it an imaging tool or a system management tool that also does imaging. The point being the direction for FOG hasn’t been defined just yet.
If you are looking for a really nice and free software to inventory your campus then look at Spiceworks (the application). This tool is really mature and just works. If you are only interested in software inventory and possibly application deployment then I might suggest PDQ Inventory and PDQ Deploy. They have free versions, but the paid for versions are well worth the minimal cost.
For software license management I would again look at Spiceworks.
If I was setting up a SMB, and needed affordable tools, I would go with Spiceworks for helpdesk, hardware, software inventory, purchasing, PDQ Deploy for software deployments (which can hook into FOG) and or PDQ Inventory for software inventory (the paid for versions allow you to create software policies) , FOG for imaging, then a few free tools from Netwrix, ManageEngine, and SolarWinds to fill in the gaps.